The Petrobras award is a 1,064-day contract extension for the drillship Valaris DS-4. Expected to commence in November 2027, the extension is in direct continuation of the existing program and will add approximately $447 million to Valaris’s contract backlog.      In conjunction with the extension, the day rate for the remainder of the existing contract has been adjusted, reducing contract backlog from April 1, 2026 to November 2027 by approximately $21 million.

“We are pleased to extend our long-standing partnership with Petrobras in Brazil, which remains the largest source of deepwater demand globally,” Anton Dibowitz, Valaris’s president and CEO. This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow.”

Meantime, Valaris’s wholly owned subsidiary, Ensco UK Drilling Ltd., has entered into a strategic collaboration agreement (SCA) with Petronas Suriname Exploration & Production BV and Halliburton to support the development of Petronas Suriname’s offshore assets.         The SCA brings together Valaris’s offshore drilling expertise and high-specification global fleet, Petronas Suriname’s project stewardship and basin knowledge, and Halliburton’s subsurface, well construction and digital solutions. The agreement establishes a collaborative framework over the project lifecycle, including early-stage planning, technical integration and continuous improvement initiatives, to enhance operational efficiency and support transparent, value-driven project execution.

Suriname is part of the prolific Guyana-Suriname Basin, which continues to see strong exploration success and development activity and offers long-term opportunities for operators and service providers.         “This agreement reflects our strong track record of delivering operational excellence, the capabilities of our high-specification fleet, and our ability to collaborate closely with our customers and partners,” said Dibowitz. “We are pleased to embark on this strategic initiative and look forward to delivering safe and efficient operations while creating long-term value for all stakeholders.